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BUS 1010!
Assessing a Career!
in Business: Essay!
4/20/15!
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Assessing a Career in Business:!
Market Research Analyst!
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Job Description !
A Market Research Analysts day-to-day, and other major responsibilities include;
collecting and interpreting information regarding product sales, consumer interests and
purchases, employee satisfaction, and other areas of the business market. The information obtained from an analyst is used by clients to determine target consumers, the optimum market price for products and services, taylor advertising and marketing campaigns, and create an image that will develop brand loyalty, as well as other marketing
factors. (Ebsco, 2013) All of this helps to improve an organizations efficiency in the use
of the tools included in the promotional mix. (Solomon, 2014) A market research analyst can obtain their information by a variety of means. Some of those include, conducting surveys and questionnaires through telecommunication (such as cold-calling,) and/
or the internet and social media. They can also perform one-on-one interviews, assemble focus groups, and experience first-hand through observations or direct contact during field work.!
The major responsibilities of a market research analyst may be simplified to three
tasks; data collection, data interpretation, and the presentation of their results. Analysts
may work as independent consultants, within a consulting firm, corporation, or govern-
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General Education Experience !
Typically, a market research analyst must obtain a bachelors degree in market
research for an entry-level position, while leadership positions or jobs that require more
complex research may require a masters degree. Some market research analysts may
also have degrees in, or have studied; statistics, math, computer sciences, social sciences, business administration, and/or communications. Courses in psychology, and
economics are also recommended. (bls.gov, 2015)!
Certification is not necessary, however, many analysts pursue them to demonstrate a level of competency, and set themselves apart from the competition. One type
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Average Salary !
The salary for market research analysts can vary quite a bit. In 2013, the overall
yearly average was around $60,800. The average entry-level salary was between
$34,000/yr and $44,000/yr, and more experienced analysts can earn around $85,000/yr.
The highest paid professionals in this career field can earn more than $114,000/ yr.
(bls.gov, 2015)!
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Career Outlook !
The career outlook for market research analysts is very good. According to the
Bureau of Labor Statistics, a 32% job growth is estimated to occur from the year 2012 to
2022 (bls.gov, 2015) This projection is faster than the average of other related careers.
(Ebsco, 2013) This may be due to the increasing number of businesses that are being
created, and the increased need for research companies to be employed by government, college, or other not-for-profit organizations. !
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Pros and Cons!
Some of the advantages that I have identified to be associated with becoming a
market research analyst are; 1. Job security: The outlook for this career is growing. As
more and more businesses are being created, they will always have a desire to reach
more consumers in the most efficient and productive way possible, therefore, there will
always be a need for specialists to collect and analyze data to determine (or help create) the wants and needs of, as well as identify, the target consumers. 2. Studying the
way populations think and behave can be beneficial not just for improving business, and
advertising endeavors but can also have morally sound value as well. Such as the research needed for government or non-profit organizations, in developing laws and poli-
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Your fit with this career!
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I believe that this career could suit me fairly well. I am interested in learn-
ing about the behavior of people, both individually and as a society. I also think that,
working for the right organization, I could help influence change that would benefit society. Another reason why I would like to work as a market research analyst, is to gain
knowledge to help me one day create a successful business of my own. !
Some of the things I think I would not like about being a market research analyst
are working in a formal environment all of the time, trying to meet deadlines, and spending a lot of time calculating and analyzing numbers. I also do not agree with certain
techniques that are used to obtain information that may jeopardize anyones privacy or
support annoying advertising methods, such as spam and pop-ups. !
I think that a career in marketing research analysis could be an honest and rewarding job. However, I can also see that under certain circumstances, the data that
you may analyze, and the means that are needed to obtain that data, can result in some
morally challenging dilemmas. Not to mention how dull analyzing statistics and working
long hours in an office sounds.!
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Sources:!
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